BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America, Inc. (NYSE: WTR) announced today that its New Jersey subsidiary has purchased the assets of the Summit Lakes municipal water system from Sparta Township, which serves approximately 225 people in Stockholm, Sussex County, New Jersey for $10,000.
Aqua America Chairman Nicholas DeBenedictis said this latest acquisition fits nicely into the footprint of Aqua New Jersey’s Northern Division. “Our new Summit Lakes customers will benefit from the economies of scale that result from our operations in four other nearby communities in Sussex County. It is also close to Sussex Borough where we were recently cited as the successful bidder for their water and wastewater system assets.” The decision on the sale of the Sussex Borough acquisition is scheduled for a November voter referendum.
Summit Lakes is the seventh acquisition completed by Aqua America regulated subsidiaries this year.
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the Company’s ability to utilize economies of scale and the ability to complete the transaction with Sussex Borough, New Jersey. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; housing and customer growth trends; the success of growth initiatives; the results of the referendum in Sussex Borough to potentially sell its water and wastewater system to the Company, and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Aqua America’s business, please refer to Aqua America’s annual, quarterly and other SEC filings. Aqua America is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.